Later this month, state lawmakers plan to return to Tallahassee for a special session to address property insurance. In addition, there is a federal effort to also examine the issue of property insurance prices in Florida. U.S. Rep. Charlie Crist, a Democrat from St. Petersburg who is currently running for Florida governor plans to file […]
It looks like another homeowners insurance company is in trouble in Florida. Recently, FedNat Holding Company, which sell homeowners insurance and other insurance products under the name FedNat Insurance Company, was downgraded from A to S by Demotech, a consulting company that rates the financial health of insurance companies. According to Demotech, an A rating […]
Florida has long been a favorite of retirees due to their lack of income taxes and pleasant weather. However, home insurance rates in Florida have been skyrocketing for years and the high cost of insuring their retirement home is impacting retirees in the Sunshine State. According to a recent statement by Mark Friedlander of the […]
As premiums continue to soar and homeowners move their insurance policies to Florida’s insurer of last resort, Citizens Property Insurance Corp, legislators are attempting to deal with Florida’s failing homeowners insurance market. However, the Florida Senate and House will have to figure out ow to bridge their differences and determine how far they are willing […]
In a recent Florida Senate Banking and Insurance Committee meeting, Barry Gilway, the CEO of Citizens Property Insurance Co. informed lawmakers that it is not just a few Florida property insurance companies that are experiencing financial trouble, but the majority of insurers in the state. According to Gilway, almost every insurance carrier in the state […]
Recently, a federal judge blocked the state of Florida from enforcing a portion of their new property insurance law that was supposed to prohibit roofing contractors from advertising to potential customers. Chief U.S. District Judge Mark Walker put a preliminary injunction in place after a request from Brandon-based Gale Force Roofing & Restoration LLC. They […]
The Florida House moved a bit closer to passing a property insurance bill on Friday when HB 305 was approved by the House Commerce Committee. However, the House bill is significantly different from a bill passed by the Senate. Lawmakers will need to reach some sort of agreement on a final version by the scheduled […]
There is a good chance that Florida homeowners will be paying more for flood insurance in the near future according to a new analysis done by First Street Foundation, a nonprofit research group that is focused on how climate change impacts on property value. Their analysis found that most Florida residents face a higher flood […]
Baby Boomers, which is the generation born between 1946 and 1964 retired in record rates during 2020. According to statistics, roughly 2 million boomers have retired every year since 2011. However, in 2020, a whopping 3.2 million boomers turned in their two-week notice. Luckily, Baby Boomers have seen a huge surge in home values as […]
Citizens Property Insurance Corp. may be increasing residential homeowner rates by an average of 7.2 percent this year. Citizens Property is the state-backed insurer of last resort, they have been dealing with a flood of new policyholders due to trouble in the private insurance market in Florida. According to a recent Miami Herald article, the […]